Hong Kong financial secretary, John Tsang Chun-wah announced that his office will seek to establish an independent insurance authority and pass more captive-friendly tax legislation.
Anderson Kill & Olick released a whitepaper arguing that the NRRA was probably not intended to apply to captives— but that might not matter when it comes to enforcing the legislation.
Gunther Saacke has been appointed Q-Re’s new CEO. Q-Re, a subsidiary of the Qatar Insurance Company (QIC), is hoped to become one the world’s top multi-line reinsurers under Saacke’s lead.
Marble Re, a single parent captive of Japan’s Marubeni Corporation domiciled in Micronesia, has been assigned a financial strength rating of A- (Excellent) and issuer credit rating of “a-” by AM Best. The outlook assigned to both ratings is stable.
Willis Group has announced that its deputy chairman, Martin Sullivan will be leaving the firm in May to pursue other interests.
Raymond Farmer’s appointment as director of the South Carolina Department of Insurance has been confirmed by the state’s senate.
AM Best affirmed their rating of Vermont-domiciled Gateway Rivers Insurance Company, which provides insurance coverage to subsidiaries of AT&T.
Ongoing uncertainty regarding the deadline and implementation of Solvency II are creating regulatory fatigue among European re/insurers, says KPMG in a new report.
Gabriel Bernardino of EIOPA has promised to deliver a set of Solvency II implementation guidelines for consultation in the spring and due to be tabled at the EIOPA board of supervisors by autumn.
Lumerica Insurance Company, a subsidiary of BASF Americas Corporation, has begun operations in New Jersey where it has redomiciled from Vermont.